A very solid bounce back on the ASX today with ~85% of the main board finishing higher. Risk was back on with technology + market linked stocks leading the way, though resources lagged.
The worst of the session was seen early with the market attracting some bargain hunters as the day progressed despite a mixed bag in term of corporate updates. WiseTech (WTC) and Mineral Resources (MIN) in focus for the wrong reasons, while Myer (MYR) was also volatile after they released 1H25 results.
A solid start to trade this morning with the main board rallying back above 7900, however, sellers kicked into gear from just before midday with the index finishing ~60pts below the morning highs.
The ASX closed in positive territory for a second consecutive trading session, not seen since the market all-time high of 8615 was set back on February 14. The market opened strongly and didn’t look back as news that China would implement stimulus to support its share market and property market, as well as intent to boost real incomes, provided a broad boost to sentiment. Promising Chinese consumer data was out mid-morning, sustaining the move up through to the close.
With futures pointing down -12pts prior to the session following weak US markets, it looked all but certain we were in for another negative day but fresh all-time highs for gold and a bounce in iron ore overnight provided a much needed boost to the miners.
The market was higher this morning coming off a positive overnight session in the States, though, US Futures tracked lower during our time zone weighing on our market as the day progressed. The last three Friday’s have also been particularly weak so understandable that traders are nervous making any big bets on the penultimate day of the week, the index currently down ~2.5% since Monday.
Another tough session today sees the ASX200 trade to the lowest level since August 24, officially entering correction mode off 882pts/10.2% from the high set on the 14th of February.
A tail of two sessions today with extreme weakness this morning pushing the ASX200 down ~150pts early before a spirited come back saw the market finish ~100pts up from its nadir – buy the dip was alive and well underpinned by a recovery in US Futures which were down 1.6% before trading higher by our close.
SPI Futures were pricing a good bounce this morning up ~70pts, however, that didn’t materialise as investors seemed to focus on the growing prospect of a US recession amid ongoing trade frictions.
A soft end to a tough week in markets with the ASX now off ~8% from the high set on Valentine’s Day (8615), closing sub 8000 at 7948, a 6-month low. Over 80% of the market fell, with very few places to hide. The selling was Aussie centric, obviously, weakness overnight played into it and being a Friday creates a void of buyers, but we were not being pressured further from weakness overseas during our session.
The worst of the session was seen early with the market attracting some bargain hunters as the day progressed despite a mixed bag in term of corporate updates. WiseTech (WTC) and Mineral Resources (MIN) in focus for the wrong reasons, while Myer (MYR) was also volatile after they released 1H25 results.
A solid start to trade this morning with the main board rallying back above 7900, however, sellers kicked into gear from just before midday with the index finishing ~60pts below the morning highs.
The ASX closed in positive territory for a second consecutive trading session, not seen since the market all-time high of 8615 was set back on February 14. The market opened strongly and didn’t look back as news that China would implement stimulus to support its share market and property market, as well as intent to boost real incomes, provided a broad boost to sentiment. Promising Chinese consumer data was out mid-morning, sustaining the move up through to the close.
With futures pointing down -12pts prior to the session following weak US markets, it looked all but certain we were in for another negative day but fresh all-time highs for gold and a bounce in iron ore overnight provided a much needed boost to the miners.
The market was higher this morning coming off a positive overnight session in the States, though, US Futures tracked lower during our time zone weighing on our market as the day progressed. The last three Friday’s have also been particularly weak so understandable that traders are nervous making any big bets on the penultimate day of the week, the index currently down ~2.5% since Monday.
Another tough session today sees the ASX200 trade to the lowest level since August 24, officially entering correction mode off 882pts/10.2% from the high set on the 14th of February.
A tail of two sessions today with extreme weakness this morning pushing the ASX200 down ~150pts early before a spirited come back saw the market finish ~100pts up from its nadir – buy the dip was alive and well underpinned by a recovery in US Futures which were down 1.6% before trading higher by our close.
SPI Futures were pricing a good bounce this morning up ~70pts, however, that didn’t materialise as investors seemed to focus on the growing prospect of a US recession amid ongoing trade frictions.
A soft end to a tough week in markets with the ASX now off ~8% from the high set on Valentine’s Day (8615), closing sub 8000 at 7948, a 6-month low. Over 80% of the market fell, with very few places to hide. The selling was Aussie centric, obviously, weakness overnight played into it and being a Friday creates a void of buyers, but we were not being pressured further from weakness overseas during our session.
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